Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 31, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Entity Registrant Name | Wiseman Global Ltd | ||
Entity Central Index Key | 0001756640 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2020 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business Flag | true | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 102,400,000 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 67,777 | $ 362,771 |
Accounts receivable | 188,360 | 1,216,773 |
Inventories | 466,363 | 143,559 |
Loan to related parties | 128,665 | |
Amount due from related parties | 290 | |
Prepayments | 230,279 | 61,779 |
Deposits paid and other receivables | 473,979 | 146,002 |
TOTAL CURRENT ASSETS | 1,555,713 | 1,930,884 |
NON-CURRENT ASSETS | ||
Right of use asset, net | 75,520 | 982,682 |
Property, plant and equipment, net | 11,928 | 226,094 |
TOTAL NON-CURRENT ASSETS | 87,448 | 1,208,776 |
TOTAL ASSETS | 1,643,161 | 3,139,660 |
CURRENT LIABILITIES | ||
Accounts payable | 31,181 | |
Other payables and accrued liabilities | 204,910 | 296,430 |
Income tax payable | 317,113 | 294,503 |
Lease liability | 67,532 | 195,205 |
Amount due to related parties | 518 | |
Advance from a director | 53,635 | 2,872 |
TOTAL CURRENT LIABILITIES | 643,190 | 820,709 |
NON-CURRENT LIABILITIES | ||
Lease liability | 8,126 | 787,477 |
TOTAL NON-CURRENT LIABILITIES | 8,126 | 787,477 |
TOTAL LIABILITIES | 651,316 | 1,608,186 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' EQUITY | ||
Preferred stock - Par value $0.0001; Authorized: 200,000,000 None issued and outstanding | ||
Common stock - Par value $ 0.0001; Authorized: 800,000,000 Issued and outstanding: 102,400,000 shares as of December 31, 2020 and 50,000,000 shares as of December 31, 2019 | 10,240 | 10,240 |
Additional paid-in capital | 726,760 | 726,760 |
Accumulated other comprehensive loss | 41,692 | (9,464) |
Accumulated profit | 213,153 | 803,938 |
TOTAL STOCKHOLDERS' EQUITY | 991,845 | 1,531,474 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 1,643,161 | $ 3,139,660 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 200,000,000 | 200,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 800,000,000 | 800,000,000 |
Common stock, shares issued | 102,400,000 | 50,000,000 |
Common stock, shares outstanding | 102,400,000 | 50,000,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | ||
REVENUE | $ 552,778 | $ 5,534,822 |
COST OF REVENUE | (326,978) | (3,865,556) |
GROSS PROFIT | 225,800 | 1,669,266 |
OTHER INCOME, NET | 287,031 | 48,791 |
OPERATING EXPENSES | ||
General and administrative | (1,100,724) | (537,477) |
INCOME / (LOSS) FROM OPERATIONS | (587,893) | 1,180,580 |
INTEREST INCOME | 122 | 130 |
INCOME/ (LOSS) BEFORE INCOME TAX | (587,771) | 1,180,710 |
INCOME TAX EXPENSES | (3,014) | (325,221) |
NET PROFIT / (LOSS) | (590,785) | 855,489 |
Other comprehensive income/(loss): | ||
- Foreign currency translation income (loss) | 51,156 | (9,464) |
COMPREHENSIVE INCOME | $ (539,629) | $ 846,025 |
NET INCOME PER SHARE, BASIC AND DILUTED | $ (0.01) | $ 0.01 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, BASIC AND DILUTED | 102,400,000 | 83,396,164 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated (Deficit)/ Profit [Member] | Accumulated Other Comprehensive Loss [Member] | Total |
Balance at Dec. 31, 2018 | $ 5,000 | $ (51,551) | $ (46,551) | ||
Balance, shares at Dec. 31, 2018 | 50,000,000 | ||||
Issuance of share in initial public offering | $ 520 | 259,480 | 260,000 | ||
Issuance of share in initial public offering, shares | 5,200,000 | ||||
Issuance of private placement shares | $ 4,720 | 467,280 | 472,000 | ||
Issuance of private placement shares, shares | 47,200,000 | ||||
Net Profit/(loss) for the year | 855,489 | 855,489 | |||
Foreign currency translation | (9,464) | (9,464) | |||
Balance at Dec. 31, 2019 | $ 10,240 | 726,760 | 803,938 | (9,464) | 1,531,474 |
Balance, shares at Dec. 31, 2019 | 102,400,000 | ||||
Net Profit/(loss) for the year | (590,785) | (590,785) | |||
Foreign currency translation | 51,156 | 51,156 | |||
Balance at Dec. 31, 2020 | $ 10,240 | $ 726,760 | $ 213,153 | $ 41,692 | $ 991,845 |
Balance, shares at Dec. 31, 2020 | 102,400,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net profit/(loss) | $ (590,785) | $ 855,489 |
Adjustments to reconcile net profit to net cash used in operating activities: | ||
Depreciation | 26,126 | 16,469 |
Loss on disposal of fixed asset | 189,356 | |
Amortization of ROU asset | 179,398 | 78,435 |
Change in lease liability | (179,267) | (78,435) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 1,051,078 | (1,227,402) |
Inventories | (296,791) | (144,813) |
Deposits paid, prepayments and other receivables | (472,946) | (205,050) |
Accounts payable | (31,509) | 28,171 |
Other payables and accrued liabilities | (98,932) | 586,295 |
Loan to related parties | (123,427) | |
Net cash used in operating activities | (347,699) | (90,841) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of property, plant and equipment | (719) | (238,331) |
Investment in subsidiary | (724) | |
Cash proceeds from acquisition of subsidiary | 1,536 | |
Net cash used in investing activities | (719) | (237,519) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from sale of common stock | 732,000 | |
(Repayment to) / Advance from a director | 50,974 | (56,166) |
Net cash provided by financing activities | 50,974 | 675,834 |
Effect of exchange rate changes in cash and cash equivalents | 2,450 | (1,690) |
Net increase / (decrease) in cash and cash equivalents | (294,994) | 345,784 |
Cash and cash equivalents, beginning of period | 362,771 | 16,987 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 67,777 | 362,771 |
SUPPLEMENTAL CASH FLOWS INFORMATION | ||
Income taxes paid | 319 | |
Right-of-use assets obtained in exchange for operating lease obligations | $ 142,989 | $ 1,061,117 |
Organization and Business Acqui
Organization and Business Acquisitions | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Organization and Business Acquisitions | 1. ORGANIZATION AND BUSINESS ACQUISITIONS Wiseman Global Limited (“WISM”) was incorporated in Nevada on July 17, 2018, and before the transaction described below, WISM is engaged distributing a full line of major household appliances and related products in PRC region including Shenzhen and Hong Kong. Name Place/date of incorporation Principal activities Wisdom Global Group Co., Limited Seychelles / May 17, 2018 Investment holding Wiseman Global Limited (“Wiseman HK”) Hong Kong / July 31, 2018 Distributing a full line of major household appliances and related products Shenzhen Wiseman Smart Industrial Co., Limited (“SWSICL”) PRC / March 18, 2019 Distributing a full line of major household appliances and related products Shenzhen Wiseman Industrial Development Co., Limited (“SWIDCL”) PRC / December 29, 2017 (Acquired on August 12, 2019) Distributing a full line of major household appliances and related products Wiseman Global Limited is a company that operates through its wholly owned subsidiary, Wisdom Global Group Co., Limited, a Company incorporated in Seychelles. It should be noted that our wholly owned subsidiary, Wisdom Global Group Co., Limited owns 100% of Wiseman HK, a Hong Kong Company. At this time, we operate exclusively through our wholly owned subsidiaries and share the same business plan with our subsidiaries. On September 7, 2018, Wisdom Global Group Co., Limited acquired 100% of the equity interests of Wiseman HK, from our chief executive officer, Mr. Lai Jinpeng. On September 12, 2018, Wiseman Global Limited, a Nevada corporation, acquired 100% of the equity interests of Wisdom Global Group Co., Limited, from our chief executive officer, Mr. Lai Jinpeng. Shenzhen Wiseman Smart Industrial Co., Limited, a wholly-owned subsidiary of Wiseman HK, was incorporated in the PRC on March 18, 2019. On August 12, 2019, SWSICL acquired 100% of the equity interests of Wiseman Industrial Development Co., Limited from Ms. Wu Wenzhi. Wiseman Global Limited and its subsidiaries are hereinafter referred to as the “Company”. |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 2. BASIS OF PRESENTATION The accompanying consolidated financial statements of the Company are prepared pursuant to the rules and regulations of the U.S. Securities and Exchanges Commission (“ SEC US GAAP |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The preparation of the consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Management makes these estimates using the best information available at the time the estimates are made; however actual results could differ materially from those estimates. Cash and Cash Equivalents Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. The Chinese Renminbi is not freely convertible into foreign currencies. Under the PRC Foreign Exchange Control Regulations and Administration of Settlement, Sales and Payment of Foreign Exchange Regulations, the Company is permitted to exchange Chinese Renminbi for foreign currencies through banks that are authorized to conduct foreign exchange business. Accounts Receivable Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of accounts receivable. The Company extends credit to its customers in the normal course of business and generally does not require collateral. The Company’s credit terms are dependent upon the segment, and the customer. The Company assesses the probability of collection from each customer at the outset of the arrangement based on a number of factors, including the customer’s payment history and its current creditworthiness. If in management’s judgment collection is not probable, the Company does not record revenue until the uncertainty is removed. Management performs ongoing credit evaluations, and the Company maintains an allowance for potential credit losses based upon its loss history and its aging analysis. The allowance for doubtful accounts is the Company’s best estimate of the amount of credit losses in existing accounts receivable. Management reviews the allowance for doubtful accounts each reporting period based on a detailed analysis of trade receivables. In the analysis, management primarily considers the age of the customer’s receivable, and also considers the creditworthiness of the customer, the economic conditions of the customer’s industry, general economic conditions and trends, and the business relationship and history with its customers, among other factors. If any of these factors change, the Company may also change its original estimates, which could impact the level of the Company’s future allowance for doubtful accounts. If judgments regarding the collectability of receivables were incorrect, adjustments to the allowance may be required, which would reduce profitability. Accounts receivable are recognized and carried at the original invoice amount less an allowance for any uncollectible amounts. An estimate for doubtful accounts receivable is made when collection of the full amount is no longer probable. Bad debts are written off as identified. No allowance for doubtful accounts was made for the year ended December 31, 2020. Revenue Recognition Revenue is generated through sale of goods, consultancy, integration and installation services. Revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The amount of revenue that is recorded reflects the consideration that the Company expects to receive in exchange for those goods and services. The Company applies the following five-step model in order to determine this amount: (i) identification of the promised goods and services in the contract; (ii) determination of whether the promised goods and services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. The Company adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606). Under Topic 606, the Company records revenue when persuasive evidence of an arrangement exists, delivery has occurred, the fee is fixed or determinable and collectability is probable. The Company records revenue from the sale of product upon shipment or delivery of the products to the customer. The Company allows for 12-month warranties to be purchased on the products. Our warranty includes the repair works for the unfunctional products, and the costs of the spare parts are not included in our warranty. In management’s opinion, there is no provision made for warranty provided. The revenue that generated through sale of goods are $519,834. Revenue generated through consultancy, integration and installation services is $32,944, respectively. Shipping and handling costs Costs for shipping and handling activities, including those activities that occur subsequent to transfer of control to the customer, are recorded as cost of sales and are expensed as incurred. The Company accrues costs for shipping and handling activities that occur after control of the promised good has transferred to the customer. Earnings Per Share The Company reports earnings per share in accordance with ASC 260 “ Earnings Per Share The Company’s basic earnings per share is computed by dividing the net income available to holders by the weighted average number of the Company’s ordinary shares outstanding. Diluted earnings per share reflects the amount of net income available to each ordinary share outstanding during the period plus the number of additional shares that would have been outstanding if potentially dilutive securities had been issued. Related parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. Income Taxes The Company accounts for income taxes using the asset and liability method prescribed by ASC 740 “ Income Taxes New U.S. federal tax legislation, commonly referred to as the Tax Cuts and Jobs Act (the “ U.S. Tax Reform Foreign Currency Translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statements of operations. The reporting currency of the Company is United States Dollars (“US$”). The Company’s subsidiary in Seychelles, Hong Kong and PRC maintains its books and record in United States Dollars (“US$”), Hong Kong Dollars (“HK$”) and Chinese Renminbi (“CNY¥”) respectively. In general, for consolidation purposes, assets and liabilities of its subsidiary whose functional currency is not the US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiary are recorded as a separate component of accumulated other comprehensive income within the statement of stockholders’ equity. Translation of amounts from the local currencies of the Company into US$ has been made at the following exchange rates for the respective periods: As of and for the December 31, 2020 Period-end HK$ : US$1 exchange rate 7.75 Period-average HK$ : US$1 exchange rate 7.75 Period-end CNY¥ : US$1 exchange rate 6.53 Period-average CNY¥ : US$1 exchange rate 6.89 Fair Value Measurement Accounting Standards Codification (“ ASC Fair Value Measurements and Disclosures This ASC establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2: Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). Recently issued and adopted accounting pronouncements In February 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842). Under the new guidance, lessees will be required recognize the following for all leases (with the exception of short-term leases) at the commencement date: 1) A lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and 2) A right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. The new lease guidance simplified the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. Lessees will no longer be provided with a source of off-balance sheet financing. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018, including interim periods within those years. This standard takes effect for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. According to this new standard, the Company should record both right-of-use asset and lease liability of $75,658 on its consolidated financial statements for the fiscal year ended December 31, 2020. In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments (Topic 326). ASU 2016-13 requires entities to use a forward-looking approach based on current expected credit losses (“CECL”) to estimate credit losses on certain types of financial instruments, including trade receivables. This may result in the earlier recognition of allowances for losses. ASU 2016-13 is effective for the Company beginning January 1, 2023, and early adoption is permitted. The Company reviews new accounting standards as issued. Management has not identified any other new standards that it believes will have a significant impact on the Company’s consolidated financial statements. COVID-19 Uncertainty An outbreak of respiratory illness caused by the novel coronavirus, commonly referred as “COVID-19” emerged in late 2019 and has spread globally. The COVID-19 is considered to be highly contagious and poses a serious public health threat. The World Health Organization labeled the COVID-19 outbreak as a pandemic on March 11, 2020, given its threat beyond a public health emergency of international concern the organization had declared on January 30, 2020. The epidemic has resulted in social-distancing restrictions, travel restrictions, and the temporary closure of stores and facilities during the past few months. The negative impacts of the COVID-19 outbreak on our business may include, but not strictly be limited to: - The uncertain economic conditions may refrain clients from engaging our services. - The operations of businesses in most industries have been, and could continue to be, negatively impacted by the epidemic, which may in turn adversely impact their business performance. For the year ended December 31, 2020, our revenue has been significantly decreased due to the impact of the COVID-19. We are unable to accurately predict the upcoming impact that the COVID-19 will have due to various uncertainties, including the ultimate geographic spread of the virus, the severity of the disease, the duration of the outbreak globally, and effectiveness of the actions that may be taken by governmental authorities. Additionally, it is possible that we may face similar difficulties from future events, such as this, should there be at any point another global pandemic. As of the current date, we do not believe that we have been directly impacted by Covid-19. However, economies throughout the world have been impacted significantly in a vast number of ways, and we cannot state with any level of certainty to what extent we may have been indirectly impacted by market conditions as a result of the pandemic and/or if the pandemic has forestalled, in any capacity, our growth to date. |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2020 | |
Credit Loss [Abstract] | |
Accounts Receivable | 4. ACCOUNTS RECEIVABLE The receivable and allowance balances as of December 31, 2020 and December 31, 2019 are as follows: December 31, 2020 December 31, 2019 (audited) (audited) Accounts receivable $ 188,360 $ 1,216,773 Less: allowance for doubtful accounts - - Accounts receivable, net $ 188,360 $ 1,216,773 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | 5. INVENTORIES Inventories consisted of the following as of December 31, 2020 and December 31, 2019: December 31, 2020 December 31, 2019 (audited) (audited) Finished goods $ 466,363 $ 143,559 Inventories $ 466,363 $ 143,559 There is no inventory allowance for the year ended December 31, 2020. |
Prepayments
Prepayments | 12 Months Ended |
Dec. 31, 2020 | |
Prepayments Abstract | |
Prepayments | 6. PREPAYMENTS As of December 31, 2020 and 2019, the Company prepayments consist of the prepayment for the purchases, professional fees, and renovation fees. |
Deposits Paid and Other Receiva
Deposits Paid and Other Receivables | 12 Months Ended |
Dec. 31, 2020 | |
Deposits Paid And Other Receivables | |
Deposits Paid and Other Receivables | 7. DEPOSITS PAID AND OTHER RECEIVABLES Deposits paid and other receivables consisted of the following as of December 31, 2020 and December 31, 2019: December 31, 2020 December 31, 2019 (audited) (audited) Deposits paid $ 1,654 $ 100,000 Loan to third parties 393,237 - Rental income receivables 60,000 - Others 19,088 46,002 Total deposits paid and other receivables $ 473,979 $ 146,002 The loan to third parties are unsecured, with interest-bearing varies of 3% or 7% and repayable within 1 year. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant And Equipment | 8. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consisted of the following as of December 31, 2020 and December 31, 2019: December 31, 2020 December 31, 2019 (audited) (audited) Office equipment $ 16,003 $ 14,563 Furniture and fixtures - 68,788 Leasehold improvement - 159,212 Less: accumulated depreciation (4,075 ) (16,469 ) Property, plant and equipment, net $ 11,928 $ 226,094 Depreciation expense for the year ended December 31, 2020 was $2,939. |
Other Payables and Accrued Liab
Other Payables and Accrued Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
Other Payables and Accrued Liabilities | 9. OTHER PAYABLES AND ACCRUED LIABILITIES Other payables and accrued liabilities consisted of the following as of December 31, 2020 and December 31, 2019: December 31, 2020 December 31, 2019 (audited) (audited) Other payables $ 44,312 $ 258,398 Accrued other expenses 99,329 38,032 Receipt in advance 61,269 - Total other payables and accrued liabilities $ 204,910 $ 296,430 |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Shareholders' Equity | 10. SHAREHOLDERS’ EQUITY On March 11, 2019, resolved to close the offering (the “Offering”) from the registration statement on Form S-1/A, dated December 12, 2018, that had been declared effective by the Securities and Exchange Commission on December 17, 2018. The Offering resulting in 5,200,000 shares of common stock being sold at $0.05 per share for a total of $260,000. On May 23, 2019, the Company issued an aggregated of 47,200,000 shares of its common stock at $0.01 per share for aggregate gross proceeds of $472,000. As of December 31, 2020, the Company had a total of 102,400,000 shares of its common stock issued and outstanding. There are no shares of preferred stock issued and outstanding. |
Advance From a Director
Advance From a Director | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Advance From a Director | 11. ADVANCE FROM A DIRECTOR As of December 31, 2020, there is an advance from a director of $53,635. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 12. RELATED PARTY TRANSACTIONS Name of Related Parties Relationship with the Company XUZHI WU The family member of the CEO and the Director of the Company. SHENZHEN WISEMAN SMART TECHNOLOGY GROUP CO., LIMITED A company which is owned 66% by our CEO. WENZHI WU The family member of the CEO and the Director of the Company. WISEMAN CHIPS SMART TECHNOLOGY (SHENZHEN) CO., LIMITED The director is the company representative of the Company. XIANGXI WISEMAN INVESTMENT DEVELOPMENT CO., LIMITED A company which is our CEO is the majority shareholder. JINPENG LAI The CEO and the Director of the Company. Year Ended December 31, 2020 Year Ended December 31, 2019 Revenue: -SHENZHEN WISEMAN SMART TECHNOLOGY GROUP CO., LIMITED $ 380 $ - - XUZHI WU - 58,798 - WENZHI WU - 37,559 - WISEMAN CHIPS SMART TECHNOLOGY (SHENZHEN) CO., LIMITED 1,780 105,153 Cost of revenue: - SHENZHEN WISEMAN SMART TECHNOLOGY GROUP CO., LIMITED $ 10,017 $ - - WISEMAN CHIPS SMART TECHNOLOGY (SHENZHEN) CO., LIMITED 14,627 - Inventories: - SHENZHEN WISEMAN SMART TECHNOLOGY GROUP CO., LIMITED $ 34,523 $ - Other income (cost): - SHENZHEN WISEMAN SMART TECHNOLOGY GROUP CO., LIMITED $ (230,821 ) $ - Prepayments: -SHENZHEN WISEMAN SMART TECHNOLOGY GROUP CO., LIMITED $ 135,512 $ - Deposits paid and other receivables: - SHENZHEN WISEMAN SMART TECHNOLOGY GROUP CO., LIMITED $ 1,654 $ - Loan to related parties: - SHENZHEN WISEMAN SMART TECHNOLOGY GROUP CO., LIMITED $ 22,976 $ - - WISEMAN CHIPS SMART TECHNOLOGY (SHENZHEN) CO., LIMITED 91,903 - - XIANGXI WISEMAN INVESTMENT DEVELOPMENT CO., LIMITED $ 13,786 $ - Amount due to related parties: - WENZHI WU $ 290 $ 518 Advance from a director: - JINPENG LAI $ 53,635 $ 2,872 The loan to related parties are unsecured, with interest-bearing of 7% and repayable within 6 or 12 months. |
Income Tax
Income Tax | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Tax | 13. INCOME TAX The Company is an U.S. entity and is subject to the United States federal income tax. No provision for income taxes in the United States has been made as the Company had no United States taxable income for the year ended December 31, 2020. Wisdom Global Group Co., Limited was incorporated in the Republic of Seychelles and, under the laws of Seychelles, is not subject to income taxes. The Company operates in Hong Kong and files tax returns in the Hong Kong jurisdiction. Wiseman Global Limited was incorporated in Hong Kong and is subject to Hong Kong income tax at a tax rate of 16.5%. (the first HK$ 2 million (equivalent US$ 258,000) of profits earned by the company will be taxed at half the current tax rate (i.e., 8.25%) whilst the remaining profits will continue to be taxed at the existing 16.5% tax rate.) SWISCL and SWIDCL were incorporated in the PRC and with the enterprise income tax rate of 25%. No deferred taxes were recognized for the year ended December 31, 2020. Provision for income tax expense will be projected at year end date. Effective and Statutory Rate Reconciliation The effective tax rate in the periods presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rates. The following table summarizes a reconciliation of the Company’s income taxes expenses: Years ended December 31, 2020 2019 (audited) (audited) Computed expected benefits (25 )% (25 )% Temporary differences not recognized (2 )% (4 )% PRC Tax incentive 0 % 5 % Effect of foreign tax rate difference 11 % (1 )% Tax losses not recognized 17 % (3 )% Income tax expense 1 % (28 )% Years ended December 31, 2020 2019 (audited) (audited) PRC statutory tax rate 25 % 25 % Computed expected benefits $ (147,696 ) $ 295,177 Temporary differences not recognized (13,661 ) 52,622 PRC tax incentive - (60,326 ) Effect of foreign tax rate difference 66,229 7,526 Tax losses not recognized 98,142 30,222 Income tax expense $ 3,014 $ 325,221 The following table sets forth the significant components of the aggregate deferred tax assets of the Company as of December 31, 2020: Years ended December 31, 2020 2019 (audited) (audited) Deferred tax assets: Net operating loss carry forwards - United States of America $ 70,641 $ 36,970 - Hong Kong - - - PRC - 3,683 Less: valuation allowance (70,641 ) (40,653 ) Deferred tax assets $ - $ - Value Added Tax (“VAT”) In accordance with the relevant taxation laws in the PRC, the normal VAT rate for domestic sales is 17%, which is levied on the invoiced value of sales and is payable by the purchaser. SWSICL and SWIDCL enjoyed preferential VAT rate of 13%. The Company is required to remit the VAT it collects to the tax authority. A credit is available whereby VAT paid on purchases can be used to offset the VAT due on sales. |
Lease Right-of-Use Asset and Le
Lease Right-of-Use Asset and Lease Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Lease Right-of-Use Asset and Lease Liabilities | 14. LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES The Company implemented new accounting policy according to the ASC 842, Leases, on August 1, 2019 on a modified retrospective basis and did not restate comparative periods. Under the new policy, the Company recognized approximately US$75,658 lease liability as well as right-of-use asset for all leases (with the exception of short-term leases) at the commencement date. Lease liabilities are measured at present value of the sum of remaining rental payments as of December 31, 2020, with discounted rate of 4.75%. A single lease cost is recognized over the lease term on a generally straight-line basis. All cash payments of operating lease cost are classified within operating activities in the statement of cash flows. The significant decrease in lease liability as well as right-of-use asset is mainly due to the termination of certain tenancy agreement on June 22, 2021. As of December 31, 2020 and December 31, 2019, the right-of use asset and lease liabilities are as follows: December 31, 2020 December 31, (audited) (audited) Within 1 year $ 68,897 $ 240,000 After 1 year but within 5 years 8,271 860,000 Total lease payments $ 77,168 $ 1,100,000 Less: unrecognized lease obligations (1,510 ) (72,523 ) Less: imputed interest (138 ) (44,795 ) Total lease obligations 75,520 982,682 Less: current obligations 67,532 (195,205 ) Long-term lease obligations $ 8,126 $ 787,477 Other information: Year ended December 31, 2020 2019 (audited) (audited) Cash paid for amounts included in the measurement of lease liabilities: - Operating cash flow from operating lease $ 147,605 $ 100,000 Right-of-use assets obtained in exchange for operating lease liabilities 142,989 1,061,117 Remaining lease term for operating lease (years) 0.94 4.58 Weighted average discount rate for operating lease 4.75 % 5.125 % |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 15. SUBSEQUENT EVENTS In accordance with ASC Topic 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events or transactions that occurred after December 31, 2020 up through the date the Company issued the financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Management makes these estimates using the best information available at the time the estimates are made; however actual results could differ materially from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. The Chinese Renminbi is not freely convertible into foreign currencies. Under the PRC Foreign Exchange Control Regulations and Administration of Settlement, Sales and Payment of Foreign Exchange Regulations, the Company is permitted to exchange Chinese Renminbi for foreign currencies through banks that are authorized to conduct foreign exchange business. |
Accounts Receivable | Accounts Receivable Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of accounts receivable. The Company extends credit to its customers in the normal course of business and generally does not require collateral. The Company’s credit terms are dependent upon the segment, and the customer. The Company assesses the probability of collection from each customer at the outset of the arrangement based on a number of factors, including the customer’s payment history and its current creditworthiness. If in management’s judgment collection is not probable, the Company does not record revenue until the uncertainty is removed. Management performs ongoing credit evaluations, and the Company maintains an allowance for potential credit losses based upon its loss history and its aging analysis. The allowance for doubtful accounts is the Company’s best estimate of the amount of credit losses in existing accounts receivable. Management reviews the allowance for doubtful accounts each reporting period based on a detailed analysis of trade receivables. In the analysis, management primarily considers the age of the customer’s receivable, and also considers the creditworthiness of the customer, the economic conditions of the customer’s industry, general economic conditions and trends, and the business relationship and history with its customers, among other factors. If any of these factors change, the Company may also change its original estimates, which could impact the level of the Company’s future allowance for doubtful accounts. If judgments regarding the collectability of receivables were incorrect, adjustments to the allowance may be required, which would reduce profitability. Accounts receivable are recognized and carried at the original invoice amount less an allowance for any uncollectible amounts. An estimate for doubtful accounts receivable is made when collection of the full amount is no longer probable. Bad debts are written off as identified. No allowance for doubtful accounts was made for the year ended December 31, 2020. |
Revenue Recognition | Revenue Recognition Revenue is generated through sale of goods, consultancy, integration and installation services. Revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The amount of revenue that is recorded reflects the consideration that the Company expects to receive in exchange for those goods and services. The Company applies the following five-step model in order to determine this amount: (i) identification of the promised goods and services in the contract; (ii) determination of whether the promised goods and services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. The Company adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606). Under Topic 606, the Company records revenue when persuasive evidence of an arrangement exists, delivery has occurred, the fee is fixed or determinable and collectability is probable. The Company records revenue from the sale of product upon shipment or delivery of the products to the customer. The Company allows for 12-month warranties to be purchased on the products. Our warranty includes the repair works for the unfunctional products, and the costs of the spare parts are not included in our warranty. In management’s opinion, there is no provision made for warranty provided. The revenue that generated through sale of goods are $519,834. Revenue generated through consultancy, integration and installation services is $32,944, respectively. |
Shipping and Handling Costs | Shipping and handling costs Costs for shipping and handling activities, including those activities that occur subsequent to transfer of control to the customer, are recorded as cost of sales and are expensed as incurred. The Company accrues costs for shipping and handling activities that occur after control of the promised good has transferred to the customer. |
Earnings Per Share | Earnings Per Share The Company reports earnings per share in accordance with ASC 260 “ Earnings Per Share The Company’s basic earnings per share is computed by dividing the net income available to holders by the weighted average number of the Company’s ordinary shares outstanding. Diluted earnings per share reflects the amount of net income available to each ordinary share outstanding during the period plus the number of additional shares that would have been outstanding if potentially dilutive securities had been issued. |
Related Parties | Related parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. |
Income Taxes | Income Taxes The Company accounts for income taxes using the asset and liability method prescribed by ASC 740 “ Income Taxes New U.S. federal tax legislation, commonly referred to as the Tax Cuts and Jobs Act (the “ U.S. Tax Reform |
Foreign Currency Translation | Foreign Currency Translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statements of operations. The reporting currency of the Company is United States Dollars (“US$”). The Company’s subsidiary in Seychelles, Hong Kong and PRC maintains its books and record in United States Dollars (“US$”), Hong Kong Dollars (“HK$”) and Chinese Renminbi (“CNY¥”) respectively. In general, for consolidation purposes, assets and liabilities of its subsidiary whose functional currency is not the US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiary are recorded as a separate component of accumulated other comprehensive income within the statement of stockholders’ equity. Translation of amounts from the local currencies of the Company into US$ has been made at the following exchange rates for the respective periods: As of and for the December 31, 2020 Period-end HK$ : US$1 exchange rate 7.75 Period-average HK$ : US$1 exchange rate 7.75 Period-end CNY¥ : US$1 exchange rate 6.53 Period-average CNY¥ : US$1 exchange rate 6.89 |
Fair Value Measurement | Fair Value Measurement Accounting Standards Codification (“ ASC Fair Value Measurements and Disclosures This ASC establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2: Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). |
Recently Issued and Adopted Accounting Pronouncements | Recently issued and adopted accounting pronouncements In February 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842). Under the new guidance, lessees will be required recognize the following for all leases (with the exception of short-term leases) at the commencement date: 1) A lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and 2) A right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. The new lease guidance simplified the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. Lessees will no longer be provided with a source of off-balance sheet financing. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018, including interim periods within those years. This standard takes effect for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. According to this new standard, the Company should record both right-of-use asset and lease liability of $75,658 on its consolidated financial statements for the fiscal year ended December 31, 2020. In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments (Topic 326). ASU 2016-13 requires entities to use a forward-looking approach based on current expected credit losses (“CECL”) to estimate credit losses on certain types of financial instruments, including trade receivables. This may result in the earlier recognition of allowances for losses. ASU 2016-13 is effective for the Company beginning January 1, 2023, and early adoption is permitted. The Company reviews new accounting standards as issued. Management has not identified any other new standards that it believes will have a significant impact on the Company’s consolidated financial statements. |
COVID-19 Uncertainty | COVID-19 Uncertainty An outbreak of respiratory illness caused by the novel coronavirus, commonly referred as “COVID-19” emerged in late 2019 and has spread globally. The COVID-19 is considered to be highly contagious and poses a serious public health threat. The World Health Organization labeled the COVID-19 outbreak as a pandemic on March 11, 2020, given its threat beyond a public health emergency of international concern the organization had declared on January 30, 2020. The epidemic has resulted in social-distancing restrictions, travel restrictions, and the temporary closure of stores and facilities during the past few months. The negative impacts of the COVID-19 outbreak on our business may include, but not strictly be limited to: - The uncertain economic conditions may refrain clients from engaging our services. - The operations of businesses in most industries have been, and could continue to be, negatively impacted by the epidemic, which may in turn adversely impact their business performance. For the year ended December 31, 2020, our revenue has been significantly decreased due to the impact of the COVID-19. We are unable to accurately predict the upcoming impact that the COVID-19 will have due to various uncertainties, including the ultimate geographic spread of the virus, the severity of the disease, the duration of the outbreak globally, and effectiveness of the actions that may be taken by governmental authorities. Additionally, it is possible that we may face similar difficulties from future events, such as this, should there be at any point another global pandemic. As of the current date, we do not believe that we have been directly impacted by Covid-19. However, economies throughout the world have been impacted significantly in a vast number of ways, and we cannot state with any level of certainty to what extent we may have been indirectly impacted by market conditions as a result of the pandemic and/or if the pandemic has forestalled, in any capacity, our growth to date. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Foreign Currencies Translation Exchange Rate | Translation of amounts from the local currencies of the Company into US$ has been made at the following exchange rates for the respective periods: As of and for the December 31, 2020 Period-end HK$ : US$1 exchange rate 7.75 Period-average HK$ : US$1 exchange rate 7.75 Period-end CNY¥ : US$1 exchange rate 6.53 Period-average CNY¥ : US$1 exchange rate 6.89 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Credit Loss [Abstract] | |
Schedule of Accounts Receivable | The receivable and allowance balances as of December 31, 2020 and December 31, 2019 are as follows: December 31, 2020 December 31, 2019 (audited) (audited) Accounts receivable $ 188,360 $ 1,216,773 Less: allowance for doubtful accounts - - Accounts receivable, net $ 188,360 $ 1,216,773 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consisted of the following as of December 31, 2020 and December 31, 2019: December 31, 2020 December 31, 2019 (audited) (audited) Finished goods $ 466,363 $ 143,559 Inventories $ 466,363 $ 143,559 |
Deposits Paid and Other Recei_2
Deposits Paid and Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Deposits Paid And Other Receivables | |
Schedule of Deposits Paid and Other Receivables | Deposits paid and other receivables consisted of the following as of December 31, 2020 and December 31, 2019: December 31, 2020 December 31, 2019 (audited) (audited) Deposits paid $ 1,654 $ 100,000 Loan to third parties 393,237 - Rental income receivables 60,000 - Others 19,088 46,002 Total deposits paid and other receivables $ 473,979 $ 146,002 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property, plant and equipment consisted of the following as of December 31, 2020 and December 31, 2019: December 31, 2020 December 31, 2019 (audited) (audited) Office equipment $ 16,003 $ 14,563 Furniture and fixtures - 68,788 Leasehold improvement - 159,212 Less: accumulated depreciation (4,075 ) (16,469 ) Property, plant and equipment, net $ 11,928 $ 226,094 |
Other Payables and Accrued Li_2
Other Payables and Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
Schedule of Other Payables and Accrued Liabilities | Other payables and accrued liabilities consisted of the following as of December 31, 2020 and December 31, 2019: December 31, 2020 December 31, 2019 (audited) (audited) Other payables $ 44,312 $ 258,398 Accrued other expenses 99,329 38,032 Receipt in advance 61,269 - Total other payables and accrued liabilities $ 204,910 $ 296,430 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Year Ended December 31, 2020 Year Ended December 31, 2019 Revenue: -SHENZHEN WISEMAN SMART TECHNOLOGY GROUP CO., LIMITED $ 380 $ - - XUZHI WU - 58,798 - WENZHI WU - 37,559 - WISEMAN CHIPS SMART TECHNOLOGY (SHENZHEN) CO., LIMITED 1,780 105,153 Cost of revenue: - SHENZHEN WISEMAN SMART TECHNOLOGY GROUP CO., LIMITED $ 10,017 $ - - WISEMAN CHIPS SMART TECHNOLOGY (SHENZHEN) CO., LIMITED 14,627 - Inventories: - SHENZHEN WISEMAN SMART TECHNOLOGY GROUP CO., LIMITED $ 34,523 $ - Other income (cost): - SHENZHEN WISEMAN SMART TECHNOLOGY GROUP CO., LIMITED $ (230,821 ) $ - Prepayments: -SHENZHEN WISEMAN SMART TECHNOLOGY GROUP CO., LIMITED $ 135,512 $ - Deposits paid and other receivables: - SHENZHEN WISEMAN SMART TECHNOLOGY GROUP CO., LIMITED $ 1,654 $ - Loan to related parties: - SHENZHEN WISEMAN SMART TECHNOLOGY GROUP CO., LIMITED $ 22,976 $ - - WISEMAN CHIPS SMART TECHNOLOGY (SHENZHEN) CO., LIMITED 91,903 - - XIANGXI WISEMAN INVESTMENT DEVELOPMENT CO., LIMITED $ 13,786 $ - Amount due to related parties: - WENZHI WU $ 290 $ 518 Advance from a director: - JINPENG LAI $ 53,635 $ 2,872 |
Income Tax (Tables)
Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation | The following table summarizes a reconciliation of the Company’s income taxes expenses: Years ended December 31, 2020 2019 (audited) (audited) Computed expected benefits (25 )% (25 )% Temporary differences not recognized (2 )% (4 )% PRC Tax incentive 0 % 5 % Effect of foreign tax rate difference 11 % (1 )% Tax losses not recognized 17 % (3 )% Income tax expense 1 % (28 )% Years ended December 31, 2020 2019 (audited) (audited) PRC statutory tax rate 25 % 25 % Computed expected benefits $ (147,696 ) $ 295,177 Temporary differences not recognized (13,661 ) 52,622 PRC tax incentive - (60,326 ) Effect of foreign tax rate difference 66,229 7,526 Tax losses not recognized 98,142 30,222 Income tax expense $ 3,014 $ 325,221 |
Schedule of Deferred Tax Assets | The following table sets forth the significant components of the aggregate deferred tax assets of the Company as of December 31, 2020: Years ended December 31, 2020 2019 (audited) (audited) Deferred tax assets: Net operating loss carry forwards - United States of America $ 70,641 $ 36,970 - Hong Kong - - - PRC - 3,683 Less: valuation allowance (70,641 ) (40,653 ) Deferred tax assets $ - $ - |
Lease Right-Of-Use Asset and _2
Lease Right-Of-Use Asset and Lease Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Schedule of Right-of Use Asset and Lease Liabilities | As of December 31, 2020 and December 31, 2019, the right-of use asset and lease liabilities are as follows: December 31, 2020 December 31, (audited) (audited) Within 1 year $ 68,897 $ 240,000 After 1 year but within 5 years 8,271 860,000 Total lease payments $ 77,168 $ 1,100,000 Less: unrecognized lease obligations (1,510 ) (72,523 ) Less: imputed interest (138 ) (44,795 ) Total lease obligations 75,520 982,682 Less: current obligations 67,532 (195,205 ) Long-term lease obligations $ 8,126 $ 787,477 |
Schedule of Other Information | Other information: Year ended December 31, 2020 2019 (audited) (audited) Cash paid for amounts included in the measurement of lease liabilities: - Operating cash flow from operating lease $ 147,605 $ 100,000 Right-of-use assets obtained in exchange for operating lease liabilities 142,989 1,061,117 Remaining lease term for operating lease (years) 0.94 4.58 Weighted average discount rate for operating lease 4.75 % 5.125 % |
Organization and Business Acq_2
Organization and Business Acquisitions (Details Narrative) | Dec. 31, 2020 | Aug. 12, 2019 | Sep. 12, 2018 | Sep. 07, 2018 |
Equity ownership percentage | 66.00% | |||
Parent Company [Member] | ||||
Percentage of acquired equity interest | 100.00% | |||
Wisdom Global Group Co. [Member] | ||||
Equity ownership percentage | 100.00% | |||
Percentage of acquired equity interest | 100.00% | |||
Wiseman Smart Industrial Co. [Member] | ||||
Percentage of acquired equity interest | 100.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Allowance for doubtful accounts | ||
Revenue from sale of goods | 519,834 | |
Revenue | $ 552,778 | $ 5,534,822 |
Federal income tax rate | 25.00% | 25.00% |
Right-of-use asset | $ 75,520 | $ 982,682 |
Lease liability | $ 75,520 | $ 982,682 |
Tax Cuts and Jobs Act [Member] | ||
Income tax examination description | The U.S. Tax Reform modified the U.S. Internal Revenue Code by, among other things, reducing the statutory U.S. federal corporate income tax rate from 35% to 21% for taxable years beginning after December 31, 2017 | |
Federal income tax rate | 21.00% | |
Integration and Installation Services [Member] | ||
Revenue | $ 32,944 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Foreign Currencies Translation Exchange Rate (Details) | Dec. 31, 2020 |
Period-end HKD [Member] | |
Foreign currency translation exchange rate | 7.75 |
Period-average HKD [Member] | |
Foreign currency translation exchange rate | 7.75 |
Period-end CNY [Member] | |
Foreign currency translation exchange rate | 6.53 |
Period-average CNY [Member] | |
Foreign currency translation exchange rate | 6.89 |
Accounts Receivable - Schedule
Accounts Receivable - Schedule of Accounts Receivable (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Credit Loss [Abstract] | ||
Accounts receivable | $ 188,360 | $ 1,216,773 |
Less: allowance for doubtful accounts | ||
Accounts receivable, net | $ 188,360 | $ 1,216,773 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 466,363 | $ 143,559 |
Inventories | $ 466,363 | $ 143,559 |
Deposits Paid and Other Recei_3
Deposits Paid and Other Receivables (Details Narrative) | 12 Months Ended |
Dec. 31, 2020 | |
Percentage of interest rate | 7.00% |
Loan repayable, term | 1 year |
Minimum [Member] | |
Percentage of interest rate | 3.00% |
Deposits Paid and Other Recei_4
Deposits Paid and Other Receivables - Schedule of Deposits Paid and Other Receivables (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Deposits Paid And Other Receivables | ||
Deposits paid | $ 1,654 | $ 100,000 |
Loan to third parties | 393,237 | |
Rental income receivables | 60,000 | |
Other | 19,088 | 46,002 |
Total deposits paid and other receivables | $ 473,979 | $ 146,002 |
Property, Plant And Equipment_2
Property, Plant And Equipment (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation | $ 26,126 | $ 16,469 |
Property, Plant And Equipment -
Property, Plant And Equipment - Schedule of Property, Plant And Equipment (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Less: accumulated depreciation | $ (4,075) | $ (16,469) |
Property, plant and equipment, net | 11,928 | 226,094 |
Office Equipment [Member] | ||
Property, plant and equipment, gross | 16,003 | 14,563 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | 68,788 | |
Leasehold Improvement [Member] | ||
Property, plant and equipment, gross | $ 159,212 |
Other Payables and Accrued Li_3
Other Payables and Accrued Liabilities - Schedule of Other Payables and Accrued Liabilities (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Payables and Accruals [Abstract] | ||
Other payables | $ 44,312 | $ 258,398 |
Accrued other expenses | 99,329 | 38,032 |
Receipt in advance | 61,269 | |
Total other payables and accrued liabilities | $ 204,910 | $ 296,430 |
Shareholders' Equity (Details N
Shareholders' Equity (Details Narrative) - USD ($) | May 23, 2019 | Mar. 11, 2019 | Dec. 31, 2019 | Dec. 31, 2020 |
Stock issued during period | 47,200,000 | |||
Share price | $ 0.01 | |||
Stock issued during period, value | $ 472,000 | $ 260,000 | ||
Common stock, shares issued | 50,000,000 | 102,400,000 | ||
Common stock, shares outstanding | 50,000,000 | 102,400,000 | ||
Preferred stock, shares issued | ||||
Preferred stock, shares outstanding | ||||
IPO [Member] | ||||
Stock issued during period | 5,200,000 | |||
Share price | $ 0.05 | |||
Stock issued during period, value | $ 260,000 |
Advance From a Director (Detail
Advance From a Director (Details Narrative) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Advance from a director | $ 53,635 | $ 2,872 |
Director [Member] | ||
Advance from a director | $ 53,635 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Ownership percentage | 66.00% |
Percentage of interest rate | 7.00% |
Loan repayable, term | Repayable within 6 or 12 months. |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue | $ 552,778 | $ 5,534,822 |
Cost of revenue | 326,978 | 3,865,556 |
Inventories | 466,363 | 143,559 |
Deposits paid and other receivables | 473,979 | 146,002 |
Loan to related parties | 128,665 | |
Advance from a director | 53,635 | 2,872 |
Accounts payable | 31,181 | |
Shenzhen Wiseman Smart Technology Group Co., Limited [Member] | ||
Revenue | 380 | |
Cost of revenue | 10,017 | |
Inventories | 34,523 | |
Other income (cost) | (230,821) | |
Prepayments | 135,512 | |
Deposits paid and other receivables | 1,654 | |
Loan to related parties | 22,976 | |
XUZHI WU [Member] | ||
Revenue | 58,798 | |
WENZHI WU [Member] | ||
Revenue | 37,559 | |
Amount due to related parties | 290 | 518 |
Wiseman Chips Smart Technology (Shenzhen) Co., Limited [Member] | ||
Revenue | 1,780 | 105,153 |
Cost of revenue | 14,627 | |
Deposits paid and other receivables | ||
Loan to related parties | 91,903 | |
Xiangxi Wiseman Investment Development Co., Limited [Member] | ||
Deposits paid and other receivables | ||
Loan to related parties | 13,786 | |
JINPENG LAI [Member] | ||
Advance from a director | $ 53,635 | $ 2,872 |
Income Tax (Details Narrative)
Income Tax (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Effective income tax rate | 25.00% | 25.00% |
Effective income tax amount | $ 66,229 | $ 7,526 |
Hong Kong [Member] | ||
Effective income tax rate | 16.50% | |
Effective income tax amount | $ 2,000,000 | |
United States of America [Member] | ||
Effective income tax amount | $ 258,000 | |
PRC [Member] | SWISCL and SWIDCL [Member] | ||
Effective income tax rate | 25.00% | |
Effective income tax description | Hong Kong income tax at a tax rate of 16.5%. (the first HK$ 2 million (equivalent US$ 258,000) of profits earned by the company will be taxed at half the current tax rate (i.e., 8.25%) whilst the remaining profits will continue to be taxed at the existing 16.5% tax rate.) | |
Deferred taxes | ||
Percentage for value added tax for domestic sales | 17.00% | |
Percentage for preferential value added tax | 13.00% |
Income Tax - Schedule of Effect
Income Tax - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Computed expected benefits, percent | (25.00%) | (25.00%) |
Temporary difference not recognized, percent | (2.00%) | (4.00%) |
PRC tax incentive | 0.00% | 5.00% |
Effect of foreign tax rate difference, percent | 11.00% | (4.00%) |
Tax losses not recognized, percent | 17.00% | (1.00%) |
Income tax expense, percent | 1.00% | (28.00%) |
PRC statutory tax rate | 25.00% | 25.00% |
Computed expected benefits | $ (147,696) | $ 295,177 |
Temporary differences not recognized | (13,661) | 52,622 |
PRC tax incentive | (60,326) | |
Effect of foreign tax rate difference | 66,229 | 7,526 |
Tax losses not recognized | 98,142 | 30,222 |
Income tax expense | $ 3,014 | $ 325,221 |
Income Tax - Schedule of Deferr
Income Tax - Schedule of Deferred Tax Assets (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Less: valuation allowance | $ (70,641) | $ (40,653) |
Deferred tax assets | ||
United States of America [Member] | ||
Net operating loss carry forwards | 70,641 | 36,970 |
Hong Kong [Member] | ||
Net operating loss carry forwards | ||
PRC [Member] | ||
Net operating loss carry forwards | $ 3,683 |
Lease Right-of-Use Asset and _3
Lease Right-of-Use Asset and Lease Liabilities (Details Narrative) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Lease liability | $ 75,520 | $ 982,682 |
Right-of-use asset | $ 75,520 | $ 982,682 |
Operating lease discounted rate | 4.75% |
Lease Right-of-Use Asset and _4
Lease Right-of-Use Asset and Lease Liabilities - Schedule of Right-of Use Asset and Lease Liabilities (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Within 1 year | $ 68,897 | $ 240,000 |
After 1 year but within 5 years | 8,271 | 860,000 |
Total lease payments | 77,168 | 1,100,000 |
Less: unrecognized lease obligations | (1,510) | (72,523) |
Less: imputed interest | (138) | (44,795) |
Total lease obligations | 75,520 | 982,682 |
Less: current obligations | (67,532) | (195,205) |
Long-term lease obligations | $ 8,126 | $ 787,477 |
Lease Right-of-Use Asset and _5
Lease Right-of-Use Asset and Lease Liabilities - Schedule of Other Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Operating cash flow from operating lease | $ 147,605 | $ 100,000 |
Right-of-use assets obtained in exchange for operating lease liabilities | $ 142,989 | $ 1,061,117 |
Remaining lease term for operating lease (years) | 11 months 8 days | 4 years 6 months 29 days |
Weighted average discount rate for operating lease | 4.75% | 5.125% |